J T Walton Newbold

The Coming Crash J T Walton Newbold

The Coming Crash: An Economic Interpretation of Present-day History is a warning call for a long-been-delayed economic catastrophe brought about by events as long as a decade ago, and by the shift in economic system, from capitalism to socialism, as well as by the government actions at the time of writing. EXCERPT FROM The Coming Crash: An Economic Interpretation of Present-day History Ten years ago it seemed to most of us that we should, without any serious disturbance, evolve from Capitalism to Socialism by legislative action of a most eminently constitutional character. A little while before, and certain theorists of continental Socialism had come to the reasoned conclusion that Marx had been mistaken in his forecast of capitalist concentration and centralisation. There was much in the circumstances of the time that pointed to this revisionist judgment. The theory of increasing misery-sometimes misquoted in all sincerity as increasing poverty-appeared to be an error. The "eighties" had passed without the collapse of the system. The unrest and strife of that decade ended without attaining to the seriousness of a crisis. Imperialism opened up State-aided markets for a commercial system that hitherto had eschewed paternalism and governmental patronage. Capitalism entered into a new phase and the middle classes experienced a renewed prosperity, if not a new freedom. They thought themselves safe, but it was the security of a well-paid proletariat and not of an independent bourgeoisie such as their fathers had been.